Central banks have started to get in on the cryptocurrency act, with upwards of 50 central banks investigating how to proceed with the design and implementation of Central Bank Digital Currencies (CBDCs). The European Central Bank (ECB) has floated the idea of a digital euro being in place by 2025, the Bank of England (BoE) has set up a working group and the People’s Bank of China (PBoC) has already started a trial in three Chinese cities. The idea behind CBDCs is quite simple. They will allow individuals to have an account with the central bank, and when an individual…

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